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Grayscale Moves to Transform Its Ethereum Trust to a Spot ETH ETF

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Grayscale Investments, in partnership with NYSE Arca, has submitted a request to the U.S. Securities and Exchange Commission (SEC) seeking approval to transform the Grayscale Ethereum Trust (ETHE) into a spot Ethereum exchange-traded fund (ETF). ETHE is currently the world's largest ether investment product, managing nearly $5 billion in assets.

Grayscale's CEO, Michael Sonnenshein, emphasized their dedication to providing investors with transparent and regulated access to cryptocurrency through familiar product structures. This move reflects the company's commitment to bringing Ethereum further into the U.S. regulatory framework.

Grayscale is also awaiting SEC approval to convert its Grayscale Bitcoin Trust (GBTC) into an ETF. Several other asset managers have submitted requests for approval of spot ether ETFs, with Invesco/Galaxy Digital being the most recent applicant.